Short Interest Runner: What’s Propelling Devon Energy Corporation (NYSE:DVN) After Lower Shorts Reported?

December 1, 2016 - By Pete Kolinski   ·   0 Comments

Short Interest Runner: What’s Propelling Devon Energy Corporation (NYSE:DVN) After Lower Shorts Reported?

The stock of Devon Energy Corporation (NYSE:DVN) registered a decrease of 22.22% in short interest. DVN’s total short interest was 8.81 million shares in December as published by FINRA. Its down 22.22% from 11.33 million shares, reported previously. With 5.19 million shares average volume, it will take short sellers 2 days to cover their DVN’s short positions. The short interest to Devon Energy Corporation’s float is 1.69%. About 5.15 million shares traded hands. Devon Energy Corp (NYSE:DVN) has risen 33.84% since April 28, 2016 and is uptrending. It has outperformed by 27.92% the S&P500.

Devon Energy Corporation is an independent energy firm engaged in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs). The company has a market cap of $29.11 billion. The Company’s activities are concentrated in various North American onshore areas in the United States and Canada. It currently has negative earnings. The Firm also produces over 1.6 billion cubic feet of natural gas a day and approximately 135 thousand barrels of NGLs per day.

Insitutional Activity: The institutional sentiment decreased to 0.89 in 2016 Q2. Its down 0.05, from 0.94 in 2016Q1. The ratio worsened, as 69 funds sold all Devon Energy Corp shares owned while 258 reduced positions. 98 funds bought stakes while 210 increased positions. They now own 391.88 million shares or 2.55% less from 402.14 million shares in 2016Q1.
Palisade Cap Mgmt Ltd Llc Nj accumulated 0.06% or 47,740 shares. Schroder Invest Management Gru Incorporated last reported 1.42M shares in the company. Guinness Asset Mgmt Ltd accumulated 3.05% or 307,076 shares. The California-based Skba Cap Mngmt Ltd Llc has invested 0.05% in Devon Energy Corp (NYSE:DVN). Benchmark Capital Advsrs holds 0.93% or 31,403 shares in its portfolio. Brick & Kyle Associates reported 518 shares or 0.02% of all its holdings. Lsv Asset holds 12,796 shares or 0% of its portfolio. Moreover, Estabrook Cap Mgmt has 0% invested in Devon Energy Corp (NYSE:DVN) for 1,242 shares. Tph Asset Limited Co last reported 0.22% of its portfolio in the stock. Rafferty Asset Management has 11,073 shares for 0.03% of their US portfolio. Highlander Cap Llc has 570 shares for 0.02% of their US portfolio. Ridgeworth Limited Liability Co reported 331,178 shares or 0.11% of all its holdings. Asset Management Advsr Limited Liability Company has 2.57% invested in the company for 72,400 shares. Schwartz Inv Counsel Inc has 0.02% invested in the company for 5,900 shares. The Michigan-based Asset Management Incorporated has invested 0.08% in Devon Energy Corp (NYSE:DVN).

Devon Energy Corp (NYSE:DVN) Ratings Coverage

Out of 25 analysts covering Devon Energy Corporation (NYSE:DVN), 18 rate it a “Buy”, 1 “Sell”, while 6 “Hold”. This means 72% are positive. Devon Energy Corporation has been the topic of 56 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The company was downgraded on Tuesday, September 6 by Raymond James. The firm has “Overweight” rating given on Wednesday, December 9 by JP Morgan. Argus Research maintained the shares of DVN in a report on Tuesday, August 23 with “Buy” rating. As per Wednesday, December 9, the company rating was maintained by RBC Capital Markets. Citigroup maintained it with “Buy” rating and $45 target price in Monday, July 18 report. Howard Weil downgraded the shares of DVN in a report on Friday, August 14 to “Sector Outperform” rating. The firm has “Sell” rating given on Thursday, June 16 by UBS. On Thursday, November 12 the stock rating was upgraded by Guggenheim to “Buy”. The company was maintained on Tuesday, January 26 by Susquehanna. The rating was upgraded by Bernstein on Thursday, October 1 to “Outperform”.

DVN Company Profile

Devon Energy Corporation (Devon), incorporated on May 18, 1999, is an independent energy firm engaged in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs). The Company’s activities are concentrated in various North American onshore areas in the United States and Canada. The Firm also produces over 1.6 billion cubic feet of natural gas a day and approximately 135 thousand barrels of NGLs per day. The Firm operates through three divisions: U.S., Canada and EnLink. Devon’s U.S. and Canadian divisions are engaged in gas and oil exploration and production activities. EnLink’s activities consist of midstream assets and activities located across the United States.

More notable recent Devon Energy Corp (NYSE:DVN) news were published by: Forbes.com which released: “Devon Energy Reaches Analyst Target Price” on December 01, 2016, also Streetinsider.com with their article: “Form 4 DEVON ENERGY CORP/DE For: Nov 29 Filed by: Marcum R. Alan” published on December 01, 2016, Fool.com published: “Devon Energy Corp Delivers Record-Setting Well Results” on November 02, 2016. More interesting news about Devon Energy Corp (NYSE:DVN) were released by: Newsok.com and their article: “Devon Energy agrees to cancel federal leases on tribal land in Montana” published on November 17, 2016 as well as Seekingalpha.com‘s news article titled: “More Bullish STACK Updates From Devon Energy” with publication date: November 28, 2016.

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By Pete Kolinski

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